Bloomberg Integrates EMIR Reporting into Terminal Service

Data and data services vendor Bloomberg has added European Market Infrastructure Regulation (EMIR) trade reporting functionality to its terminal service, including the generation of unique trade identifiers (UTIs) and the loading of data on outstanding trades.

The new functionality will allow those who use Bloomberg for trade booking, electronic trades, trade management or pricing swaps to generate the information required under EMIR and report it to the either the Global Trade Repository operated by the Depository Trust & Clearing Corporation or REGIS-TR. There is no additional cost for using the reporting functionality.

Bloomberg will generate the UTIs required under EMIR so that counterparties do not have to negotiate about where to source a UTI. According Rob Friend, Bloomberg's London-based global head of fixed income products, the company can provide other data to make the reporting process as smooth as possible.

"If we know that you have just done an interest rate swap, then we can classify that for you so you don't need to work out what taxonomy to use," says Friend. "But there are some things that are client-specific, such as whether this trade was hedging activity or not, which only the client knows. So they do have to input that data themselves. There are ways in the system they can do that. There are defaults to make it as straight-through as possible."

Bloomberg is also helping firms comply with requirements to report on trades from the past two years that are outstanding when EMIR reporting obligations come into force on February 12. If trades were not executed using Bloomberg technology, the company has an Excel upload facility that can be used to submit the data to Bloomberg terminals so that it can be reported to a trade repository.